Consider the following financial data for Nike, Inc. and Adidas AG for the fiscal year 2023:

($ millions)	Nike, Inc.	Adidas AG
Net sales	$50,098	$26,749
Cost of sales	27,356	13,812
Gross profit	22,742	12,937
Operating expenses:
Selling, general, and administrative	10,489	7,413
Research and development	3,210	1,624
Operating income	9,043	3,900
Interest and other (income) expense	1,105	657
Interest and investment income	(438)	(317)
Earnings before provision for income taxes	8,376	3,560
Provision for income taxes	2,094	865
Net earnings	$6,282	$2,695

Required: a. Compute the return on equity (ROE), return on assets (ROA), and return on financial leverage (ROFL) for Nike, Inc. and Adidas AG. Assume a tax rate of 27%. b. Break down the ROA into profit margin (PM) and asset turnover (AT) for both companies. Identify the key drivers of ROA. c. Assess the operating cash flow for Nike, Inc. and Adidas AG over the last three years. What does it indicate about their ability to invest in innovation? d. Evaluate the inventory turnover ratio for Nike, Inc. and Adidas AG. What does it reveal about their inventory management efficiency? e. Compare the research and development (R&D) expenses as a percentage of sales for Nike, Inc. and Adidas AG. What insights can be drawn about their investment in innovation?